EY just announced they're changing pay structure. Accelerated promotions. Twice a year reviews for promotion considerations. Thoughts??

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Because that’s how it’s always been...
I also think this is a great idea. I’ve seen mid year promotions but usually takes an act of God

likefunny

Unless the west jumped the gun, or unless service line specific I am not buying it because the partner group always gets advance notice and I haven’t heard anything. I am in Tax. Maybe this is advisory or audit? But that is a pretty big change to not do across the whole firm

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Awesome! Accelerated terminations and PIPs!

likefunny

I mean how can I have bad thoughts about accelerated promotions? Except for the thought that I don’t believe that we will be getting accelerated promotions/pay

likesmartfunny

Where was this announced?

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Spoiler alert: they don't do anything that reduces partner distributions... so, I doubt the process is there to help...

likesmart

This is really smart. I really am not sure why firms only do promotions once a year.

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This is likely a straightforward lie...

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If it’s true it makes sense for both high and low performers. You can promote high performers faster to adapt to firm needs and reduce the risk of them leaving because they don’t want to wait another 6 months for a raise. You can also cut costs and adjust for over staffing and low performers more efficiently.

likeupliftingsmart

West town hall. Announced this morning. Ratings now in May and October. You get to plan your career track now (Accelerated or lag) and you don't have to wait 12 months. I think this is friggin awesome.

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Twice a year and twice as much

likefunny

I’m thinking this is a cruel April Fools joke

likefunny

More info for those none EY people?

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Where was this announced?

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The others( big 4 ) to follow soon....just wait

likeuplifting

Mid-Year promotions are something that PwC implemented relatively recently and, as a beneficiary of the new system, I can say that in general it is pretty nice. The mid-year option just allows so much more flexibility both in terms of early promotes and giving people that aren't quite ready 6 months to show improvement rather than making them wait a year.

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Is this for a service line or across all of EY? I’m in tax and have not heard this at all

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There is no way this can be “piloted” in one region, early promotions is not even close being the same as wearing jeans

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It sounds great!

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Had our CFM last week and no mention of this by the people consultant or CFL

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